American Tower Announces Agreement To Acquire Joint Venture Stakes In Ghana And Uganda From MTN For $523M

American Tower Corporation (NYSE:AMT) announced today that it has closed its previously announced acquisition of Eaton Towers Holdings Limited (“Eaton Towers”), adding approximately 5,700 communications sites

Benzinga · 01/02/2020 13:02

American Tower Corporation (NYSE:AMT) announced today that it has closed its previously announced acquisition of Eaton Towers Holdings Limited (“Eaton Towers”), adding approximately 5,700 communications sites to its African portfolio. Total consideration for the acquisition, subject to certain post-closing adjustments, was approximately $1.85 billion, including the assumption of existing Eaton Towers debt.

The Company has also reached an agreement with MTN Group Limited (“MTN”) to acquire MTN’s minority stakes in each of the Company’s joint ventures in Ghana and Uganda for total consideration of approximately $523 million. The transaction is expected to close in the first quarter of 2020, subject to regulatory approval, and will result in a one-time impact for American Tower of approximately $65 million in 2020 from the payment of previously deferred cash interest related to joint venture debt.